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Adobe-Macromedia Deal Gets Green Light From All Shareholders

Last Remaining Hurdle: US Department Of Justice Approval
By Adobe News Desk
Article Rating:
August 29, 2005 05:00 AM EDT
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 22,317
Adobe Systems Incorporated and Macromedia, Inc. have announced that the stockholders of each company, in separate special stockholder meetings held August 24, voted in favor of Adobe's proposed acquisition of Macromedia.

Of the 75.0% of outstanding Adobe shares voted, approximately 99.0 percent were cast in favor of the acquisition. Of the 73.2 percent of outstanding Macromedia shares voted, approximately 99.8% were cast in favor of the acquisition.

Pursuant to the terms of the acquisition agreement, holders of Macromedia common stock will receive 1.38 shares of Adobe common stock for each share of Macromedia common stock they own at the closing of the acquisition. The companies anticipate that the transaction will close in Fall 2005, subject to appropriate regulatory approvals and the satisfaction of other closing conditions.

As noted by the San Francisco Chronicle, "The deal still requires regulatory approval. Adobe and Macromedia received a request for additional information from the U.S. Department of Justice in July."

Adobe CEO Bruce Chizen (pictured) told the Chronicle back in April, when discussing why Adobe is buying Macromedia:

"If you look at our mission in life, which is helping people in organizations communicate better, Macromedia has done a great job in a number of areas. They complement what we do very well. We get to take Flash and the Flash Player with PDF Reader and deliver an industry-defining technology platform. Another great example is on the video side. We have leading-edge video authoring, editing and composition tools. They have the Flash Player, which now does video. You can imagine us optimizing our tools for their video players."
When asked why the deal was happening now, he mentioned that he wasn't interested in "a company that was still going through its turnaround from the dot-com crash. [But Macromedia has] a great deal of momentum."

Published August 29, 2005 – Reads 22,317
Copyright © 2005 SYS-CON Media, Inc. — All Rights Reserved.
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